Page 46: of Maritime Reporter Magazine (February 2003)

INCAT — A Delicate Balance for the Future

Rising out of the ashes of receivership,

Hobart, Australia-based INCAT is back with a vengeance. After a setback this 46 past year, the company, according to

CEO Robert Clifford, is "well struc- tured for the future." And the company is on its way to a speedy recovery with 2003 as it has just received two orders for the U.S. military and at press time, announced plans to have its debts repaid to the bank by the end of January 2003.

The U.S. Army Tank-Automotive (TACOM) leased its premiere Theater

Support vessel for the Army from

Bollinger/INCAT USA, the Australian shipbuilder's joint aluminum shipbuild- ing venture in Louisiana.

MR/EN: It's no secret that INCAT was in receivership last year — but is now emerging out of financial difficulty.

What is the current status of the compa- ny and if you can please explain why hard times occurred last year?

Robert Clifford: INCAT had two cus- tomers lined up to take production ships in 1999, both customers elected instead to take near sisterships, offered by a fin- ancier. INCAT did not react soon enough to reduce production and this coupled with the banks lack of confi- dence in the market, led to the bank wishing to withdraw our finance facility.

I point out here that Incat never exceed- ed the bank's facility.

By the end of Jan 2003 we expect to have the bank repaid, and orders in place.

MR/EN: What are the current activities (both corporate and manufacturing) that were undertaken by the organization to strengthen/restructure the company?

Clifford: With orders in place, no bank debt, and substantial unencumbered assets, INCAT will be well structured for the future.

MR/EN: Why will the "new" INCAT survive, when the old went into financial disclosure?

Clifford: There is no "new" INCAT, there never has been a question of

INCAT's survival, it has only ever been a question of realizing some of its sub-

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